Commodity Outlook For Crude Palm OIl By KediaCommodity, Crude Palm oil yesterday traded with the positive node and settled 0.48% up at 524.8 tracking firmness in Malaysian palm oil which rose to 29 month high as a weaker dollar spurred risk-taking and on spillover support from wheat prices, which are being bolstered by concerns over Australia’s grains output. In yesterday’s trading session Crude Palm oil has touched the low of 522.5 after opening at 525.8, and finally settled at 524.8. For today’s session market is looking to take support at 522.7, a break below could see a test of 520.5 and where as resistance is now likely to be seen at 526.8, a move above could see prices testing 528.7.
Trading Ideas:
Crude Palm OIl trading range is 520.5-528.7.
Crude palm oil ended firm tracking firmness in Malaysian palm oil which rose to 29 month high
Crude Palm oil looks to have a support at 522.70.
Resistance for crude palm oil is at 526.80.
Spot prices for crude palm oil gained 4 rupees and settled at 524 rupees per 10 kg.
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